BENEFITS FOR A RECOGNIZED MEMBER

The member shall make a monthly contribution of FORTY Pesos (PhP40.00) to KOOPAMILYA (previously FICCO MBA) or P 480.00 annual, for protection against loss due to death or total and permanent disability. The Life Insurance Benefit covers the member and the member’s legal dependents.

If married, the member’s legal dependents include:

  • the member’s legal spouse (entry age not more than 63 ½, exit age 70 years old)
  • three (3) single and biological and/or legally adopted children at least two (2) weeks old but not more than twenty-one (21) years old
  • and three (3) biological children over twenty-one (21) years old, single, who are disabled and incapacitated to work.(to wait for addendum or MOA)

If single and without biological children, the member’s legal dependents include:

  • the member’s biological parents less than sixty (60) and when both parents are already dead,
  • one of his/her younger brother or sister who is still single and not more than 21 years old or more than 21 years old but disabled and incapacitated will be his/her dependent.

If a member is single (unmarried) but with children, the member’s legal dependents are:

  • three (3) single and biological and/or legally adopted children at least two (2) weeks old but not more than twenty-one (21) years old
  • and three (3) biological children over twenty-one (21) years old, single, who are disabled and incapacitated to work (to wait for addendum or MOA).

LIFE INSURANCE BENEFITS

LENGTH OF MEMBERSHIP CAUSE OF DEATH OR TOTAL AND PERMANENT DISABILITY (TPD) MEMBER LEGAL DEPENDENTS
THREE (3) MONTHS OR LESS Due to Natural Death or Pre-existing Condition 2,500.00 None
Due to Accident 20,000.00 5,000.00

 

MORE THAN 3 MONTHS UP TO

TWELVE (12) MONTHS

 

Due to Natural Death or Pre-existing Condition

5,000.00 None
Due to Accident 20,000.00 5,000.00

 

MORE THAN TWELVE (12) MONTHS

 

Due to Natural Death

40,000.00 10,000.00
Due to Accident 80,000.00 20,000.00

PRE-EXISTING CONDITION OF MEMBER

To maintain low contribution rates and to safeguard the funds of the KOOPAMILYA, KOOPAMILYA is not liable for any loss (death or total and permanent disability) occurring during the first year of membership or within six (6) months from the date of last reinstatement except if caused by accident and/or diseases acquired within that period as certified by competent physician other than TWO THOUSAND FIVE HUNDRED PESOS (Php2,500.00) gratuity for loss occurring three (3) months or less from effectivity date of insurance coverage or FIVE THOUSAND PESOS (PhP5,000.00) gratuity for loss occurring more than three (3) months up to twelve (12) months from effectivity date of insurance coverage in case of member’s death or total and permanent disability.

TERMINATION OF COVERAGE

A member’s coverage automatically terminates under the following conditions whichever comes first: upon death or total and permanent disability of the member; upon resignation from FICCO.; upon expiration of the forty five (45)-day grace period if no payment is received by then; upon withdrawal of the Equity Value on the membership certificate; if the membership is terminated with cause by KOOPAMILYA.; upon reaching the exit/termination age of one hundred years old (100). Dependent’s coverage terminates upon the termination of the member’s coverage or at age seventy (70) for dependent spouse , age sixty (60) for member’s biological parents whichever comes earlier and age twenty one (21) for dependent child. Termination of coverage shall be without prejudice to any claim arising prior to such termination.

NON-TRANSFERABILITY CLAUSE

This certificate of membership is not transferable.

NOTICE OF CLAIM

The member or his/her beneficiary must inform the Branch Manager and/or Risk Protection Clerk /or INBD Main Office immediately upon death or total and permanent disability of a member or his/her legal dependents for claim verification, validation and immediate settlement.

Availability of Implementing Rules and Regulation

The Implementing Rules and Regulations of KOOPAMILYA embodies the terms and conditions of the insurance described above. A copy of the Implementing Rules and Regulations shall be kept in the main office of FICCO and shall be available to the member for inspection during its regular office hours.

IMPORTANT NOTICE

The Insurance Commission, with offices in Manila, Cebu and Davao, is the government office in charge of the enforcement of all laws related to insurance and has supervision over mutual benefit association and intermediaries. It is ready at all times to assist the general public in matters pertaining to insurance. For any inquiries or complaints, please contact the Public Assistance and Mediation Division (PAMD) of the Insurance Commission at 1071 United Nations Avenue, Manila with telephone numbers +632-5238461 to 70 and with email address [email protected] The Official website of the Insurance Commission is www.insurance.gov.ph.

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